25th Mar 2008 07:01
Ocean Power Technologies Inc25 March 2008 Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA For Immediate Release March 25, 2008 Spanish ministers applaud OCEAN POWER TECHNOLOGIES project Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT)("OPT" or the "Company") is pleased to announce that it hosted a Ministerialvisit by leading Spanish government officials to its facility in Santander,Spain. The purpose of the visit was to highlight the final assembly and testingof the PowerBuoy, which is to be installed about 5 miles off the coast ofSantander in the Cantabrian region of northern Spain. The delegation was led by the Cantabrian Minister for Industry and theCantabrian Minister for Environment as well as a number of senior officials fromthe Spanish Federal Government, including the head of the energy agency IDAE.Other guests included OPT's project partners Iberdrola, the Spanish utility, andTotal S.A., the French oil group. The Ministers were first able to view the power take-off system undergoing itsfinal test program, following its assembly and shipment from OPT's New Jerseyfacility in the USA. The dignitaries were then treated to the first publicviewing of the fully assembled PB40 PowerBuoy steel structure. This impressivePB40 wave energy converter was fabricated at a local supplier in Santona, Spain. The final assembly and testing of the PowerBuoy is the latest significantmilestone under the Engineering, Procurement and Construction (EPC) contract foran OPT wave power station in Spain using the Company's patented PowerBuoy(R)technology. The current EPC contract is for the 'turnkey' construction andinstallation of the first PB40 PowerBuoy system, subsea power transmission cableand underwater substation and grid connection. OPT also will be responsible forthe operation and maintenance (O&M) of the wave power station for up to 10 yearsthrough an O&M agreement signed in 2007. With Iberdrola S.A. as its major shareholder, a special purpose company wasestablished in Spain to purchase the power station from OPT and enter into theEPC and O&M contracts. Other shareholders of the new company include Total S.A.,OPT, the industrial development agency of the Spanish region of Cantabria,Sodercan, and the energy agency of the government of Spain, IDAE. Mark R. Draper, Chief Executive of Ocean Power Technologies Ltd., said: "We arevery grateful for the support given by the Spanish and Cantabrian governments.The Ministers were clearly pleased with the progress being made with the OPTPowerBuoy prior to its ocean deployment. The PB40 is a truly impressive system,designed and built by a multi-national team. It incorporates a number ofengineering advances for enhanced output and survivability. Our project partnersclearly understand this potential and the benefits our technology can bring toCantabria and the rest of Spain." About Ocean Power Technologies Ocean Power Technologies, Inc. develops and is commercializing proprietarysystems that generate electricity by harnessing the renewable energy of oceanwaves. The Company's PowerBuoy(R) system is based on modular, ocean-going buoys,which have been ocean tested for nearly a decade. The waves move the buoy-likestructure creating mechanical energy that the Company's proprietary technologiesconvert into electricity. For Further information, please contact: Ocean Power Technologies, Inc Dr. George W. Taylor, Chief Executive Officer Telephone: +1 609 730 0400Charles F. Dunleavy, Chief Financial Officer Telephone: +1 609 730 0400 Corfin Communications Martin Sutton, Neil Thapar Telephone: +44 20 7977 0020 Collins Stewart Europe Limited Adrian Hadden Telephone: +44 20 7523 8350 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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